Market News Page No. 40| Africa Business News

Indian government to buy Sh356.5bn Tullow Oil stake in Turkana

Two Indian state-backed companies are in talks to acquire Tullow Oil's stake in Turkana oil projects in a deal estimated to breach Sh356.5 billion ($3 billion).This will mark one of the biggest deals in Kenya's history and offers a foreign government a stake in a venture that is seeking to develop infrastructure for oil production.Bloomberg news agency reported from India that ONGC Videsh and Indian Oil Corp may acquire the stake for between $2.... Read more »

Posted on : Wednesday , 3rd August 2022

Komaza raises 28 million USD in Series B funding to address Africa's 30 billion USD wood deficit while restoring degraded lands

Komaza, a tech-enabled, sustainable forestry company that is reshaping the African wood market through its ground-breaking smallholder platform, has closed the first round of its anticipated 33 million USD Series B equity funding, amounting to 28 million USD. This fundraising round was co-led by Novastar LPs AXA Investment Managers and the Dutch development bank FMO, with additional participation from Mirova's Land Degradation Neutrality Fund,.... Read more »

Posted on : Tuesday , 2nd August 2022

The Nairobi-Nakuru-Mau Crest Highway Project receives approval from the African Development Bank for 150 million USD

As part of the First Mover Public-Private Partnership (PPP) initiative, the Board of Directors of the African Construction Bank Group today approved financing of 150 million USD for Kenya to assist a significant highway development project. The project will include building the A8 and A8 South freeways. The current 175 km of A8 road from Rironi to Mau Peak will be upgraded and maintained over a 30-year period, as will the 57.8 km of.... Read more »

Posted on : Friday , 29th July 2022

Kenya to establish an automotive council to promote local auto assembly

According to President Uhuru Kenyatta, the Kenyan government will establish a national automotive council to support the execution of an automotive strategy aimed at increasing local car assembly. Kenyatta said while introducing the locally built Euro 4 Mitsubishi L200 truck in Nairobi. The Head of State urged industry players to continue collaborating with the government to guarantee that the automotive sector is revitalised and.... Read more »

Posted on : Thursday , 28th July 2022

Toyota Tanzania sign a deal with Afroil to supply Lubricants

Toyota Tanzania Limited has inked a three-year agreement with oil marketing business AFROIL to distribute its new lubricant, Toyota Genuine Motor Oil (TGMO). According to Anam Mwemutsi, Lubricant Manager of Toyota Tanzania, the TGMO was introduced in Tanzania in response to market input on improving the company's products' effectiveness. "Most Tanzanians use Toyota automobiles, but they use other lubricants; based on market input on.... Read more »

Posted on : Thursday , 28th July 2022

Tanzanian Fintech Firm Eyes a Piece of Kenya's Sh420 Billion Remittance

Tanzanian payment financial technology (fintech) firm Nala been on the upswing since it secured pre-seed funding from Accel in year 2019, with which it built a mobile money service for East Africa. Then last year it raised $10 million more and has now set its target higher in the lucrative remittance market. It is now eyeing a bigger piece of Kenya's Sh420 billion inflows, months after securing approval from the Central Bank of Kenya and.... Read more »

Posted on : Wednesday , 17th August 2022

Tanzania 8th among Top Investment Destinations in Africa, Survey Indicates

International professional services firm Deloitte recently released the 2022 edition of its Africa CEO Survey that shares the perception of African private sector leaders on key issues and challenges, and documents and analyzes their approach to a series of fundamental aspects of their business model. The survey collects data and perceptions from 194 CEOs, operating in over 50 African countries, across all regions: North Africa (13%), East.... Read more »

Posted on : Thursday , 28th July 2022

EUR 63 million loan, approved by the African Development Bank to boost the production of cereals and oil seeds.

The African Development Bank Group's Board of Directors has granted a €63 million loan to Kenya to help it increase its production of cereals and oil seeds by more than 1.5 million metric tonnes over the next two years. The increased output will support the country's food security and economic resiliency. The loan is a component of the $1.5 billion African Emergency Food Production Facility, a pan-African effort to stop an impending food.... Read more »

Posted on : Monday , 8th August 2022

Tanzania is implementing a climate change adaptation financing programme funded by GCF and CRDB Bank

In order to launch a finance programme for smallholder farmers in Tanzania who need to adapt to climate change, the Green Climate Fund (GCF) has inked an agreement with the Tanzanian commercial bank CRDB Bank. Tanzanian smallholder farmers will receive assistance in adjusting to the effects of climate change. The Green Climate Fund (GCF) and CRDB Bank, a commercial bank authorised by the Central Bank of Tanzania and listed on the Dar es.... Read more »

Posted on : Wednesday , 27th July 2022

Coca-Cola Beverage Africa strikes an agreement with Organisations in Kenya for the sustainable recycling of plastic bottles.

Coca-Cola Beverage Africa (CCBA) has signed a three-year Memorandum of Understanding with VetLab Sports Club and T3-Kenya to recycle 100% of the plastic bottles used at VetLab Sports Club. T3-Kenya is a social enterprise that converts plastic waste into garments through bottle-to-fashion recycling. T3-Kenya has agreed to recycle all plastic bottles collected during and after games at Nairobi's VetLab Sports Club. This move is.... Read more »

Posted on : Tuesday , 26th July 2022

Walkabout starts mining for graphite at Lindi Jumbo

The first production blast was successfully finished at the end of June, according to ASX-listed Walkabout Resources, and mining of the pit has since commenced. The ore will be accumulated for use in the processing plant's commissioning. 'The start of the first high-grade, large flake stockpile of responsibly sourced graphite in Tanzania, as well as the first blast and mining of the beginning pit, mark a new chapter in the development of.... Read more »

Posted on : Tuesday , 26th July 2022

Unit 6 of the Olkaria I Geothermal Power Plant is Operational

This is it. Unit 6 of the Olkaria I geothermal power plant is now operational. The announcement was made by Kenya Electricity Generating Company (KenGen), which has successfully completed the production tests of this new geothermal power plant with a capacity of 83.3 MWe. The facility is located in the Hell’s Gate National Park in Olkaria, Nakuru County, at the eastern end of the Eastern Rift Valley, about 43 km southwest of the nearest town,.... Read more »

Posted on : Monday , 25th July 2022